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Politics Irrelevant as China Reaches for Gambling Revenue
BEIJING, CHINA --
Governments around the world have endorsed gambling as a method to boost revenues. Citizens seem generally far more amenable to voluntarily losing money through the entertainment of wagering than having it seized by the taxman. But some countries, such as China, had denounced gambling as politically incorrect, a remnant of times when the poor were exploited.
This ideological outcry against gambling was all very well when the Chinese economy was booming. But now, caught up in the worldwide financial crisis, Chinese leaders are finding themselves much more willing to grant the public desire for gambling outlets.
Since the take over of China by the Communists in 1949, gambling has been largely illegal. Only a sports lottery run by the government has been available within Chinese boundaries.
But, spurred by the success of gambling as an engine to drive revenues in Macau and Hong Kong, and faced with severe budgetary difficulties, Chinese politicians are considering changing the country's gambling laws.
The Changjiang Times published a report that setting up a national horse racing industry could create as many as three million jobs, and provide revenues in excess of ten million dollars. It was also argued that allowing a taxed racing industry would save some of the money illegally fleeing the country via illegal betting at online casinos, a point Governor Steve Beshear of Kentucky might have issue with.
To respect political sensitivities, Chinese officials are avoiding the word "gambling", referring to "horse lotteries" and "commercial horse meets." But everyone knows that a horse is a horse, of course. And everyone knows that, politics aside, the way to a government's heart is through its purse strings.
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